NewsSaudi Arabia charges into EV market, hunts for lithium treasure

Saudi Arabia charges into EV market, hunts for lithium treasure

Saudi Prince Mohammed bin Salman wants to develop new economic sectors.
Saudi Prince Mohammed bin Salman wants to develop new economic sectors.
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11:52 AM EDT, May 5, 2024

The Kingdom of Saudi Arabia is eager to manufacture its own batteries for electric vehicles. In pursuit of this goal, the Saudis have initiated the search for new lithium deposits. Currently, China dominates the electric vehicle battery market.

As a nation that significantly benefits from crude oil exports, Saudi Arabia recognizes the inevitability of a future decrease in gasoline and diesel fuel production. Consequently, the country is exploring new economic opportunities.

Saudi Arabia to produce batteries for electric vehicles, seeks lithium

Crown Prince Mohammed bin Salman's strategy includes venturing into new manufacturing domains, such as battery production. Saudi Arabia is actively looking for lithium reserves domestically and is considering potential foreign suppliers," reports our source.

While Saudi Arabia is interested in lithium deposits in Chile, the Chilean government has yet to comment on these plans. Additionally, the Saudis have begun experiments to extract lithium from seawater, with the Saudi Aramco corporation participating in the project.

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